Bitcoin- Are bulls in the first stage of grief: denial?

9 янв. 2022 г.

I know I will get a lot of hate writing this post, but really, are bulls in denial?
I'm bearish BTC since it was around 60k and since then I've read all types of analyzes and arguments why Bitcoin should rise. If is not this support, then the next one, if is not this, a moving average, a trend line drawn just to fit the purpose or an Elliott count, anything, just to say UP.
This is spelling one thing to me: Denial.
Let's face it, Bitcoin is in a downtrend now. For how long? nobody knows, but now is not the time to buy simply because you are trading hope, not what the chart is telling you.
Technically speaking, as I predicted, Bitcoin dropped and reached my target of 41k zone support
From this zone a rebound is likely and BtcUsd can rise and retest the new 46k resistance. Here bears should be strong and I expect a continuation of this new downtrend and finally a break under 41k support.
In conclusion, I would not be surprised if Bitcoin will drop to 30k zone.